21.BA.3562.2026.doc Ajay IN IN THE THE HIGH HIGH COURT COURT OF OF JUDICATURE JUDICATURE AT AT BOMBAY BOMBAY CRIMINAL APPELLATE JURISDICTION CRIMINAL APPELLATE JURISDICTION BAIL APPLICATION NO. 3562 OF 2026 Vallabh Mansukhlal Sakhala .. Applicant Versus State of Maharashtra .. Respondent ....................  Mr. Aabad Ponda, Senior Advocate a/w. Mr. Abhay Dhadiwal and Rohit Jain, Advocates i/by Jayakar and Partners for Applicant.  Mr. Yogesh M. Nakhwa, APP for Respondent – State.  PSI – Mr. H.D. Nakate, Shirur Police Station present. ......…........... CORAM : MILIND N. JADHAV, J. DATE : SEPTEMBER 22, 2026. P.C.: 1. Heard Mr. Ponda, learned Senior Advocate for Applicant and Mr. Nakhwa, learned APP for Respondent – State. 2. This is an Application under Section 483 of Bharatiya Nagarik Suraksha Sanhita, 2023 seeking Bail in connection with C.R. No. 626 of 2024 registered with Shirur Police Station, District Pune for the offences punishable under Sections 409, 420, 467, 468, 471, 120-B read with Section 34 of the Indian Penal Code, 1860 (for short "IPC") and Sections 3 and 4 of the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999. 3. The case of the Applicant before me is primarily covered by the reasons given in the order dated 02.09.2026 passed in Bail 1 of 4 21.BA.3562.2026.doc Application No.3544 of 2026 and order dated 01.09.2026 passed in Bail Application No. 3133 of 2026 and other companion matters. 4. The Applicant before me was also one of the directors of the Company and to that extent the only role attributed to him is that he being a director, should be indicted. There is no specific role of any personal gain and most importantly he has not been a beneficiary or in receipt of any funds or having any direct involvement in the alleged loan transaction qua the two Tharavs as well as the, the loan amount of Rs.27 crores having been given by the Patpedhi / Institution which was primarily done by the principal accused No. 1 in the present case. Save and except to the extent of he being a director and having a limited role in having signed only one out of the two Tharavs, there is no other role attributed to the Applicant. Hence, considering parity, the Applicant is released on bail on the following terms and conditions:- (i) Applicant is directed to be immediately released on bail from prison in connection with C.R. No. 626 of 2024; (ii) Applicant is directed to be released on bail on furnishing P.R. Bond of Rs. 50,000/- (Rs. Fifty Thousand Only) with one or two sureties in the like amount; (iii) Applicant shall report to the Investigating Officer at 2 of 4 21.BA.3562.2026.doc Shirur Police Station, once every month on the first Sunday of the month between 10:00 a.m. to 12:00 p.m.; (iv) Applicant shall co-operate with the conduct of trial and attend the Trial Court on all dates, unless specifically exempted and will not take any unnecessary adjournments, if he does so it will entitle the prosecution to apply for revocation of this order; (v) Applicant shall not leave the State of Maharashtra without prior permission of the Trial Court; (vi) Applicant shall not influence any of the witnesses or tamper with the evidence in any manner; (vii) Applicant shall keep the Investigating Officer informed of his current address and mobile contact number and / or change of residence or mobile details, if any, from time to time, as applicable; and (viii) Any infraction of the conditions shall entail cancellation of bail granted to the Applicant. 5. Needless to state that the above observations will not come in the way of trial as they are prima facie in nature based on the submissions made and the material placed before this Court. 3 of 4 21.BA.3562.2026.doc 6. Bail Application is allowed and disposed of in the above terms. [ MILIND N. JADHAV, J. ] Ajay 4 of 4 AJAY TRAMBAK UGALMUGALE Digitally signed by AJAY TRAMBAK UGALMUGALE Date: 2026.09.22 19:41:55 +0530